In a recent interview with Bitcoin Magazine, Chief Lending Officer Chase Larson and CEO Jed Meyer of St. Cloud Financial Credit Union, based in Minnesota, discussed their experiences with Bitcoin and their efforts to develop a credit union’s bitcoin custody solution. Larson shares his personal journey with digital assets, starting in 2016, and his realization of the need for accessible resources and education for individuals interested in Bitcoin. He joined the credit union in 2021 and is focused on education and connecting people with resources related to cryptocurrency.
Meyer emphasized the importance of understanding the material demand for Bitcoin services in their community and outlined a strategic four-step approach that prioritizes education and savings, then transaction ability and banking products. . Meyer emphasized their focus on education as a way to change the narrative around Bitcoin and address the risks and concerns associated with it.
Regarding the bitcoin custody solution, Larson stated that they are working on developing a product that is currently working but is not yet ready for launch to their 25,000 members. The credit union prioritizes education internally and externally, ensuring that their employees and members understand the intricacies and risks of cryptocurrencies. They aim to be a trusted partner for their members, offering safe savings options and guidance without advising on specific investments.
“From an educational perspective, we say, let’s really start with the foundation from the ground floor,” Larson explained. “We are going to take our members to this high level of education, in an effort to, one, help them become more informed, whether they own it now, plan to own it or not, we want that our members are well. informed. And then two for those who choose to enter the space, hopefully they can make more informed decisions and understand the risks.”
The interview also touched on their collaborative approach with regulators to ensure responsible implementation of their Bitcoin services. Larson and Meyer believe that education and savings are areas where they can make a significant impact while working within regulatory frameworks. They engage with regulators and continue discussions to incorporate their feedback into the development of policies and procedures.
Speaking about the future impact that Bitcoin could have on the traditional financial field, Meyer said that “If you don’t do anything, I think you’re putting a lot of risk on where this industry is going in the future, and how it affects us to a significant degree. And if you don’t want to know how others have developed it, maybe you should join now.”
In general, the St. Cloud Financial Credit Union’s Bitcoin approach reflects a commitment to educating their members and working with regulators to navigate the evolving Bitcoin landscape. While self-custody is inherently the safest way to store bitcoin, in a world where Bitcoin education is lacking credit unions can serve an educational role. In addition, innovations such as Fedimints help create custodial solutions that help retain the assets of Bitcoin that make it sovereign money, while ensuring a level of distributed responsibility that makes those involved are more comfortable.